Contrary to some media reports, the market here in Tampa ended the year with a strong sales month and an increase in average single family house prices as well as almost a 3% increase in overall closed volume.
Average closed prices were up in 2010 over 2009 by approximately 2.2%, ending the year at almost $180,000. While still short of Florida’s historical average rate of annual appreciation of about 4%, local housing prices seemed to have turned the corner towards stability. With an anticipated rise in mortgage interest rates over the next couple of years, now seems to be an excellent time to take advantage of the “silver lining” of what many are calling the Great Recession, and that would be dramatically improved affordability. Check in with one of our agents for the latest news and how you can stay in touch with the market.